Pago, a fintech startup in South Africa recently launched its first product, payment platform Tuma and it has already surpassed the 2,500 transaction mark.
Pago, who in 2018 participated in the Cape Town based Startup Bootcamp AfriTech rolled out the Tuma MVP in October 2019 which allows South Africans to transfer funds from any instant money wallet to any bank account.
Speaking to Disrupt Africa at the launch, Philip Mngadi, founder of Pago said:
“We have facilitated 2,500 successful transfers since launching, and are now chatting to banks regarding integration so we can launch a better next version of Tuma, which will be available on iOS, Android and web app.”
He further said:
“December was a record month where we successfully processed over 1,000 transfers. We’ve received six times more successful requests than unsuccessful, it’s a great sign for what we’re doing.”
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This fintech startup in South Africa is focused on South Africa in 2020 as it integrates with money services provided by banks but does not plan to expand, charges a fee of ZAR10 (which is 0.67USD in dollars) per transfer.
“Once we have successfully achieved that, we will naturally move into the rest of the SADC region where our banks operate.”
They have one more product still in development which is an online marketplace for small-scale miners to list and sell their commodities.